Advertised RateThis is the interest rate published by the lender. Rates 'from' indicates that it is a minimum rate and most borrowers will pay higher based on your credit profile and other factors. 'Headline rate' indicates that this is an indicative rate from the lender and actual rates may be higher or lower based on your credit profile and other factors.

7.19%

Fixed

Comparison RateThe comparison rate is a way of comparing loans by including both the advertised rate and the fees involved. It is calculated based on a loan of $30,000 over 5 years, and represents the effective rate on the loan. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates.

7.33%

Upfront FeeThis is the cost that you will get charged to set up the loan.

$98

Loan amount

From $1k

RepaymentInitial monthly repayment excludes fees and is an estimate based on advertised rate, your selected loan amount and a loan term of 5 years. Actual repayments may vary based on your individual circumstances and interest rate changes.

monthly over 5 years

Customise your loan summary by entering your details:

I want to borrow

Loan term

Repayment frequency

Pros and Cons

Pros

No ongoing fees

No early exit penalty

Can apply online

Suitable for both new or used car

Cons

Application fee charged

Requires security to be held

Cannot apply in branch

Police Bank Driveaway Car Loan Fixed Fees and Features

New Car

Missed Payment Penalty

$10

Used Car

Redraw Activation FeeThis is the cost that you will get charged to redraw any additional repayment on the loan.

N/A

Motorcycle

Repayment TypeA variable rate can fluctuate over the life of a loan as determined by your lender. A fixed rate is one which is set for a period of time, regardless of market fluctuations.

Fixed

Boat

Loan TypeA secured loan is protected by an asset and protects the lender if a default happens. An unsecured loan is unprotected and more risky for the lender.

Secured

Upfront FeeThis is the cost that you will get charged to set up the loan.

$98

Secured By Vehicle

Early Exit Penalty FeeThis is the cost that you will get charged if you repay your loan early. In some cases, it only applies for a set period, after this there is no fee.

$0

Available to 457 Visa Holders

Borrowing range

$1k - $100m

Redraw FacilityThis loan allows you to redraw any additional repayments that you have made.

Extra RepaymentsThis loan allows you to make extra repayments on the loan. Paying extra will save you interest and pay your loan off quicker. In some cases there may be limits or fees that apply.

Other Restrictions

Car age up to 10 years old

Compare and review car loans with similar featuresSelected based on performance and popularity on our site. RateCity may receive remuneration for referrals to these links and/or as a consequence of a consumer acquiring a product after following these links.

FAQs

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.

Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.

Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.

Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.

As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.

You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.

Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.

That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.

Yes, some banks will be willing to provide guarantor loans, including Commonwealth Bank, NAB, Westpac and ANZ, though the terms for signing up to a banker-issued guarantor car loan may not necessarily be as good as another lender.

You should keep in mind though that these larger banks, because of their monopoly of the market, tend to have higher interest rates than the smaller lenders.

In comparison, smaller loan companies and credit unions tend to be more competitive in their battle for your business. There are plenty of lenders willing to lend to people with bad credit or no credit history who have willing guarantors.

Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.

A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.

Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.

To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.

Single mothers can sometimes find that due to their circumstances the bigger banks can be less inclined to lend to them, but there are smaller companies and specialist lenders who can be willing to provide loans to people in a range of circumstances.

Single mothers could benefit from getting in touch with a car finance broker, as a broker is likely to have knowledge and access to options that are suited to their needs.

Advantages to using a broker:

Finance brokers often don’t charge for their services as they work on a commission basis from lenders.

Brokers will have industry knowledge and contacts within lending companies and is therefore more likely to be able to find the best deal for your circumstances.

Brokers are qualified professionals who are licensed under the National Consumer Credit Protection Act so have an obligation to follow responsible lending practices and to work in your best interests.

Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.

You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.

If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.

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This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Any recommendations made about a financial product are general advice only and has not taken into account your particular needs and circumstances. You should consider the Product Disclosure Statement to determine if the product is suitable for you before you decide to purchase it.